State of Bank of India (SBI) has announced to reduce the daily cash withdrawal limit from Rs 40,000 to Rs 20,000 per day for Classic and Maestro debit cards. new ATM cash withdrawal rules will come in effect in from October 31, 2018.

The bank has taken this decision in order to reduce the increased number of complaints the bank has been receiving many regarding cloning and also to encourage digital and cashless transactions.

“It has been decided to decrease the cash withdrawal limits of debit cards issued/being issued on Classic and Maestro platforms from Rs 40,000 to Rs 20,000 with effect from Oct-31-2018. The list of BIN numbers of all such cards with existing and revised limits have been enclosed as Annexure-I,” SBI stated in a press release.

The statement also read, “If you require a higher daily cash withdrawal limit, please apply for a higher card variant.” It can also be noted that the SBI Gold and Platinum debit cards will continue to have a daily ATM withdrawal limit of Rs 50,000 and Rs 1 lakh, respectively.